Fidelity and Euroclear Launch Same-Day Mutual Fund Order-Processing Service

Fidelity Investments and Euroclear the operator of the FundSettle cross border mutual fund processing platform, have launched a same day processing service for fund distributors working with any of the Fidelity family of funds distributed in Europe. Fidelity funds are

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Fidelity Investments and Euroclear – the operator of the FundSettle cross-border mutual fund processing platform, have launched a same-day processing service for fund distributors working with any of the Fidelity family of funds distributed in Europe. Fidelity funds are currently the most frequently processed funds on FundSettle.

The giant fund manager has placed more than 130 of its funds on FundSettle, and claims t have seen an immediate improvement in STP rates for fund transactions processed through the platform, and the complete elimination of manual processing. Euroclear recently made it possible for Fidelity to communicate with FundSettle using the SWIFT 15022 message types, and this has streamlined the process even further.

“Only through the highly automated and standardised fund transaction processing capabilities of FundSettle are we able to offer fund distributors a same-day STP service for Fidelity funds,” says Ted Boyle, Managing Director (Operations) at Fidelity Investments. “We have been working with FundSettle since May 2001 and are convinced of its added value to the fund industry. We are committed to the efficiency and risk reduction benefits of the FundSettleplatform and the improvements in service these provide to distributors working with Fidelity funds.” Barbara Vuylsteke, Director and head of Investment Fund Product Management at Euroclear, added: “We could not be happier to be working with Fidelity to offer a same-day order processing service for their family of funds, which are the most widely distributed funds in Europe. The continuing growth in the volume of transactions processed and the number of funds eligible for processing on FundSettle indicates strong interest in the fund market for an automated and standardised solution to process fund transactions on an straight-through basis.”

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